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The Ethereum price just broke out of a Triangle Pattern in the 15 minutes timeframe. But are the ETH bulls strong enough to keep pushing the Altcoin higher or will we see price sell-off back down soon?
In this Ethereum analysis, we will be breaking down this key Triangle Pattern as well as what the Ethereum price must do right now to continue pushing higher in the coming days.
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Ethereum Triangle Pattern
The Triangle Pattern usually forms when the price is building momentum for a massive move. For Ethereum, that move might be a quick surge to the upside in the coming days.
The standard way to trade this key pattern is by joining the potential buy move to the target of $1,770. This is the standard target for the Triangle Pattern and if the bullish prediction is to play out, there is a very high probability that Ethereum might surge to this $1,770 key price level before encountering any major resistance.
But for that bullish prediction to play out, a few things must happen soon! We already see a breakout to the upside, a sign that the bulls are fighting to take control of the ETH market for this week.
However, what is left now is a price follow through in this bullish move higher.
Ethereum Key Level
For this Ethereum bullish prediction to remain valid, the Ethereum price must continue to trade above and respect the $1,561 previous lows in the 15 minutes timeframe.
This $1,561 key support offers us an invalidation point to know exactly when this bullish prediction stops working and the bears come back into the market.
As far as these lows are respected, there is a very high probability that we might see the ETH price smash our bullish target in the coming days.
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